I receive a Substitute Form 1099-S after I filed my taxes. What do I need to do? Do I need to amend my tax return?

[cheryl12--]

This is for the tax year 2020

[KathrynG3]

It depends. If Form 1099-S was for the sale of your main home, and your gain was within the allowed exclusion, the return would not need to be amended. Keep the forms for your records.

If Form 1099-S was for a rental property, then you should amend the return.

To do this in TurboTax, follow these steps:

• From Tax Home, scroll down to find Your tax returns & documents and Show
• Click 2020 and Amend(change).
• Then, enter your updated Form 1099-S for the sale of property
  • Go to the search box and enter sale of property
  • Select the Jump to link in the search results.
  • Enter your adjustments

For more details, see: Where do I enter Form 1099-S?

[cheryl12--]

It was a home my daughter bought but my husband co-signed. So it was her main home but not ours!

Thanks!

[gloriah5200]

If both your husband and your daughter received a 1099-S then they will both need to show it on their own tax return..

Since your husband did not live in it as his principal residence, then he cannot sell it on his 8949 carrying to the Schedule D as his principal residence excluding the gain on the sale.  He will need to report it on his Form 8949 carrying to Sch D as the sale of a capital asset paying capital gains taxes on the gain.